Sometimes all it takes is a short bit of wisdom … to give you confidence, to get you through the bad times, to inspire you to greater heights.
Earlier this month I attended the latest American Express OPEN Forum in New York. All of the Forums have been excellent, but this one stands out.
Why? Because I walked away with so many small yet powerful bits of wisdom that I simply can’t stop thinking about.
Like the last Forum, this particular event was kicked off by Susan Sobbott, president of American Express OPEN. The moderator was financial columnist and author Jean Chatzky. The featured entrepreneurs in this event were: famous chef Mario Batali, the three founders of the Blue Man Group (Chris Wink, Matt Goldman and Phil Stanton), and maternity fashion designer Liz Lange.
Let me share the top ten bits of wisdom that I picked up from this American Express OPEN Forum, based on my notes during the event. Here they are:
- “To be successful in business you don’t just need a great idea — you have to sell it. Don’t be afraid to sell. Don’t think of yourself as anything but a marketer.” (Susan Sobbott) — My Take: For some this comes naturally. But for others, especially those who do not have a sales or marketing background, this can seem like the hardest thing in the world. However, most owners of successful businesses will tell you that they were their company’s main sales representative, certainly in the beginning. You have to be able to sell and market your business — don’t expect to delegate this to someone else.
- “Every brand isn’t for everybody, and everybody isn’t for every brand.” (Liz Lange) — My Take : In other words, do what small businesses do best and focus on a niche — and then own that niche. Be at the top.
- “The Web puts an exponential twist on the whole word of mouth thing, because word of mouth is now happening virally.” (Blue Man) — My Take: the Web is a megaphone. It gives you leverage and dramatically increases the spread of any talk about your business. The Web makes it easier for word of mouth to spread, and spread more quickly and more widely.
- “An inner quality that many entrepreneurs say helps them survive is optimism.” (Jean Chatzky) — My Take: optimism is the number one essential characteristic of successful entrepreneurs. There are so many things that can go wrong when you own your own business, especially in the early years. Every single day is littered with stumbling blocks and reasons to call it quits. You have to be driven by a belief that things will work out well in the end.
- “If you had to choose an address, it would be on the corner of Art and Commerce.” (Mario Batali) — My Take: This is perhaps the single most unique quote of the event. It means, turn your business into an art form. Being creative is at the core of successful businesses.
- “A little personality goes a long way.” (Jean Chatzky) — My Take: The theme of this Forum is “standing out from the crowd.” Letting your personality show through is a way to make your business stand out. People remember you and thus your business. Instead of trying to be a corporate clone, be different. For instance, Mario Batali lets his personality show through by always wearing shorts and orange clogs. Maybe we don’t all want to go that far, but ….
- “Be aggressive in getting media coverage.” (Liz Lange) — My Take: Media coverage is free, which is a very attractive price tag for most small businesses. But media coverage usually is not an accident. You have to take it in your own hands to get coverage. And as Liz’s experience illustrated, you have to be creative in order to get media coverage. For instance, Liz sent maternity clothes to celebrities. The media were more likely to cover a celebrity wearing Liz’s maternity clothes, than to write an ordinary article about maternity clothing.
- “Follow your bliss.” (Blue Man) — My Take: In a way this is like the old saying, do what you love and money will follow. Of course the reason it is an OLD saying is that there is truth to it. When we are passionate about what we do our passion gets translated into creativity, into the amount of effort we devote to the business, and into many other factors big and small.
- “We are all competing against mediocrity.” (Blue Man) — My Take: Instead of focusing on the competition, strive for a higher level of creativity. To create a great business create something extraordinary, instead of falling into a rut and settling for average.
- “Everyone talks about growing the business, but what you don’t hear enough about is the importance of not growing the business too fast.” (Blue Man) — My Take: Growth can bring on its own set of challenges and problems. Grow the business at the pace that feels right to you to manage and handle. If you are comfortable with fast change, then grow it fast. Otherwise, keep the business smaller and more manageable for you. Not everyone wants to grow their business.
Some of the above quotes are paraphrased slightly. They are taken from my notes of the event.
Cultivating Resilience in Business: Lessons for Entrepreneurs
Resilience is an essential trait for entrepreneurs, helping them navigate challenges and setbacks. Here are key takeaways on building resilience from the American Express OPEN Forum:
- Embrace Failure as a Learning Opportunity: Rather than viewing failure as a roadblock, see it as a stepping stone toward growth and improvement.
- Stay True to Your Passion: Focusing on what you love and believe in can provide the inner strength needed to persevere through tough times.
- Adaptability is Key: The ability to adapt to changing circumstances and pivot when necessary is crucial for long-term success.
- Seek Mentorship and Support: Surround yourself with mentors and a support network that can provide guidance and encouragement during difficult moments.
- Mindset Matters: Cultivate a positive and growth-oriented mindset that enables you to see opportunities within challenges.
- Balance Growth and Stability: While growth is essential, it’s equally important to maintain stability and ensure that your business is sustainable in the long run.
| Key Takeaways | Description |
|---|---|
| Embrace Failure as a Learning Opportunity | See failure as a stepping stone for growth and improvement. |
| Stay True to Your Passion | Focus on what you love and believe in to find inner strength during tough times. |
| Adaptability is Key | Be ready to adapt to changing circumstances and pivot when necessary for long-term success. |
| Seek Mentorship and Support | Surround yourself with mentors and a support network for guidance and encouragement in difficult times. |
| Mindset Matters | Cultivate a positive, growth-oriented mindset to uncover opportunities within challenges. |
| Balance Growth and Stability | While growth is vital, ensure business stability for long-term sustainability. |
The Role of Networking in Entrepreneurship
Networking plays a vital role in the journey of entrepreneurship, as highlighted by the insights shared at the American Express OPEN Forum:
- Expand Your Horizons: Networking exposes entrepreneurs to diverse perspectives, ideas, and opportunities that they may not encounter within their immediate circles.
- Leverage Connections: Building strong professional relationships can lead to valuable partnerships, collaborations, and access to resources that can fuel business growth.
- Learn from Others: Interacting with fellow entrepreneurs and industry experts allows you to gain insights from their experiences, successes, and failures.
- Build a Support System: Networking provides a support system of like-minded individuals who understand the challenges of entrepreneurship and can offer advice and encouragement.
- Stay Informed: Through networking events, conferences, and discussions, entrepreneurs can stay updated on industry trends, market developments, and emerging technologies.
- Pitch and Promote: Networking opportunities often involve pitching your business or idea to potential investors, customers, or partners, helping you refine your pitch and gain exposure.
| Roles of Networking in Entrepreneurship | Description |
|---|---|
| Expand Your Horizons | Exposes entrepreneurs to diverse perspectives, ideas, and opportunities beyond their immediate circles. |
| Leverage Connections | Building strong professional relationships can lead to valuable partnerships, collaborations, and resources. |
| Learn from Others | Interaction with fellow entrepreneurs and experts provides insights from their experiences and lessons. |
| Build a Support System | Networking creates a support system of like-minded individuals who understand entrepreneurship's challenges. |
| Stay Informed | Networking events help entrepreneurs stay updated on industry trends, market developments, and technologies. |
| Pitch and Promote | Networking opportunities often involve pitching to potential investors, customers, or partners for exposure. |
The Importance of Adaptability in Entrepreneurship
In the ever-changing landscape of entrepreneurship, adaptability is a key attribute that successful entrepreneurs possess. The American Express OPEN Forum offered valuable lessons on this aspect of entrepreneurship:
- Embrace Change: Entrepreneurship is often marked by uncertainty and unforeseen challenges. Being adaptable means you’re open to change and can quickly adjust your strategies when circumstances shift.
- Learn from Failure: Failure is a natural part of entrepreneurship. Adaptable entrepreneurs view failure as a stepping stone to success, learning from their mistakes and pivoting when necessary.
- Stay Relevant: Industries evolve, and consumer preferences change. Entrepreneurs who adapt to market trends and evolving customer needs are more likely to thrive.
- Innovate Continuously: Adaptability goes hand-in-hand with innovation. Entrepreneurs who are willing to experiment with new ideas and technologies can stay ahead of the competition.
- Flexibility in Business Models: Successful entrepreneurs recognize that their initial business models may need adjustment. Being adaptable allows them to refine their offerings and business strategies based on feedback and market dynamics.
- Crisis Management: Adaptable entrepreneurs are better equipped to navigate crises, such as economic downturns or unexpected disruptions, by quickly reassessing their plans and making necessary changes.
- Customer-Centric Approach: Entrepreneurs who prioritize adaptability are more likely to listen to customer feedback and make improvements based on their preferences, ultimately building stronger customer relationships.
- Agility in Decision-Making: Quick decision-making is a hallmark of adaptable entrepreneurs. They can evaluate situations rapidly, make informed choices, and adjust their course as needed.
Nurturing Innovation in Your Business
Innovation is often the driving force behind entrepreneurial success. The American Express OPEN Forum shed light on fostering innovation within your business:
- Create a Culture of Innovation: Encourage your team to think creatively and embrace new ideas. Make innovation a core value of your company culture.
- Continuous Learning: Invest in training and development for your employees to keep them updated with the latest trends and technologies.
- Empower Employees: Give your team the autonomy and resources to experiment and innovate. Empowered employees are more likely to generate fresh ideas.
- Customer-Centric Innovation: Innovate with the customer in mind. Understand their needs and pain points to develop products or services that truly resonate.
- Collaboration: Collaborate with partners, customers, and even competitors to spark innovation. Sometimes, breakthroughs come from unexpected sources.
- Risk-Taking: Encourage calculated risk-taking within your organization. Understand that not all innovation attempts will succeed, but each failure can lead to valuable lessons.
- Iterate and Improve: Innovation is an ongoing process. Continuously iterate on your products or services based on feedback and market insights.
- Measure and Assess: Establish metrics to track the impact of your innovation efforts. Regularly assess the results and adjust your strategy as needed.
- Celebrate Success: Recognize and reward innovative contributions from your team. Celebrating successes reinforces the importance of innovation in your business.
- Stay Inquisitive: Keep asking questions, challenging assumptions, and exploring new possibilities. Curiosity is a driving force behind innovation.
Many thanks to American Express OPEN whose advertising support of this site made it possible for me to attend.
OK – I LOVE you, Anita. And this post, as all of your posts, rocks save one of the 10 tips from BlueMan, “Follow Your Bliss.” AKA: “Do What You Love and The Money Will Follow.”
That advice is pure crap.
We Americans place far too much emphasis on being happy. Be financially secure FIRST. Often that means doing something you dislike or doing something painfully tedious in order to grow your own greenbacks. Eventually — and only eventually — you will earn enough money to survive on the faint cash fumes that come with running an emerging entrepreneurial business.
Only 3 glaring exceptions to the rule: be born rich. marry rich. wait for a windfall.
Call me a cynic. Capital reserve — not bliss in bounty — is the only thing that will weather the first few years of financial drought for entrepreneurs. And an understanding of cash flow — or the keen insight to defer to outside well-trained financial advisors — is the only thing that will sustain your success in small business.
For the rest of us, “following your bliss” is a well-planned and well-earned luxury.
kindly,
kirsten
P.S. Much deference and respect to Jean Chatzky. One of my heros! But I’m surprised MY tip (see my comment above) wasn’t one of Jean’s tips!
kindly,
kirsten
Oh Kirsten, Kirsten, Kirsten,
I certainly agree with you that we sometimes have to do things that are tedious if we want to grow our greenbacks.
But those are elements of a business, they are not the core of the business itself.
I think I can sense your pain — it’s the pain of the entrepreneur running a startup, and we’ve all felt it. Having to do things we don’t like, just for cash flow.
But knowing you and respecting you for what you are so good at, Kirsten, I think I can say that tedious tasks aside, you’re still doing something you love at the core of your business.
Keep the faith,
Anita
I agree fully that growing the business too fast can be disastrous. A few posts ago, I wrote that
the first job of the CEO is to keep the company healthy, and if it is healthy, it will grow.
CEOs therefore should refrain from creating actions that impacts the health of the company.
I remember the quote of Herb Kelleher, founder of Southwest who said, ” Think Samll and act small, and we’ll get bigger. Think big and act big, and we’ll get smaller.”
“An inner quality that many entrepreneurs say helps them survive is optimism.” (Jean Chatzky)
This was my favorite. It’s hard to stay optimistic – but when you can – it pays off in more ways than one!
Hi Anita:
Actually I still respectfully disagree. And I think you misunderstand my point. I’m not losing faith, Fearless Anita. 😉
What I suggest is this: CHASE BUCKS AND LATENT CONSUMER NEED NOT BLISS if you want to BUILD A BOOMING BUSINESS. Loving what you do is highly over-rated. By all means choose a business model that fits your skillsets and challenges you enough to drive you during dark hours. Whatever you do is worth doing well. But doing what you love (aka “following your bliss”) will blind you to the most scalable business models and profits.
Come on now…how much can you LOVE retinal ID security systems or greenwaste shredding (two high ROI business ideas)?
In the end, business success is about understanding the rules of the game, ROI, cash flow management, vision, discipline, persistence, core ideology, point of difference, a zillion million other things most important of which is delivering a product or service that generates sufficient consumer or customer demand.
By all means follow your bliss if you want to build a hobby business. Or if you don’t give a hoot about “build to last” OR “built to flip”.
Yes there are some exceptions. But not that many. Many of those seeming exceptions are pure post-dated topspin from P.R. flacks. Once you’ve made it to the top, your publicist or SVP Corporate Communications can fondly muse about how you were following your bliss from the very beginning. Makes ya look humble. Great way to seduce the masses (see R. Greene’s The Art of Seduction, Appendix B) and sustain your success/wealth.
What do I know? I’m just biding my time till I get my own talk show, like Oprah or Rachael Ray. I’m cuter. 😉
kindly,
kirsten “k.o.” osolind
one other exception: p**n. its a profitable model. who can’t love that? just kidding. 🙂
Kirsten and Anita,
I see both your points. But I’m still of the “follow your bliss” school of thought. Kirsten, one point I think you may be overlooking is that following your bliss is not necessarily synonymous with running your own business or working freelance. For some, it can simply be a line of work or industry, whether that be for an employer or for yourself.
For example, I majored in Hospitality & Tourism Management in university. I outgrew that idea, but many of my friends from school LOVE working in hotels or tour companies and interacting with guests. They are doing quite well financially and have a stable income. For some, it may mean science and working in a well-established research lab. For others, it may mean graphic design. I will venture to say that perhaps, if you are freelance, due to your small operation you can only handle clients who don’t have deep pockets and therefore are willing to settle for lesser ad campaigns; you won’t get to work on the most interesting projects this way. By working in-house, you may get to do better or more work. For some, this can be a dream come true.
I’m just sayin’.
Hi Laura:
Hmm. Some of the wealthiest men I know are institutional traders and hedge fund guys. They HATE what they do. But they do it to make money and afford indulgent lifestyles. They are incredibly happy AFTER they leave work each day. One of them once told me: “quite well and stable ain’t near as rewarding as quite wealthy.” He lives in Austin, dates women 20 years his junior, has a house that overlooks the hills and the water, and has a rockin’ boat. Let me assure you — he hates his job but he’s happy! 😉
On the other hand, many women might not choose that path. Indeed, that COULD be why many women don’t wield the wealth. Could it actually be that women prefer to follow their bliss rather than take the tough assignments or do the dirty work? Shades of poor choice rhetoric author Warren Farrell…
My supposition is based on 16 years in Corporate America (working for Big Boys the likes of Coke, Gen Mills, P&G) AND 4.5 years as entrepreneur.
I’m just sayin’. 😉
kindly,
kirsten
Kirsten, here’s my thing. I don’t believe that hating your job and being happy, fully, is possible. These guys you mention probably work about 50-60 hours a week or even more, right? That’s 50% of their waking hours that they hate what they’re doing. That’s not happiness to me, and I’ve learned that I value happiness more than money and what it can afford me.
I also do not believe that taking tough assignments and following your passion are mutually exclusive, and I refuse to believe that following your bliss and becoming extremely wealthy are mutually exclusive. You should be able to follow your dream and still find an appropriate niche where your product or service is needed in the real world if you get creative.
I don’t think it’s a female thing though, I think it’s a generational thing. My generation (Gen Y) is well known for valuing our work-life balance and pursuing our own interests far more than the ambition and long hours of those that came before us. It’s a difference of culture, in a way.
Hi Laura:
You know I respect you and love your blog. We’ll just have to agree to disagree on this one. You must shop the softer side of Sears. I myself get lost in the Power Tools section. Wink-wink.
more over at my blog: http://reinventioninc.blogspot.com
kindly,
kirsten
This seems to be the main point:
“We are all competing against mediocrity.”
Mediocrity and enthropy are hard to beat.
As far as the “do what you love and the rest will follow,” deal, I have to agree with Kirstin. I see too many young people trying to do what they love, and going broke in the process; businesses going under, debts accumulated, etc. It’s too idealisitic. You should have PASSION for your business, but it’s not always love. Passion is energy and devotion to succeeding in a business, but it doesn’t mean you walk around with a happy face on all day. Who loves waiting on these goober customers we all get in our stores? Who loves the 7 day a week stuff?
Much deference and respect to Jean Chatzky. One of my heros! But I’m surprised MY tip (see my comment above) wasn’t one of Jean’s tips!
“The Web puts an exponential twist on the whole word of mouth thing, because word of mouth is now happening virally.” This is so true these days. New ways to virally market a business online are constantly arising. It can be tedious to stay on top of this but the pay-offs can certainly be fruitful.
I certainly agree with you that we sometimes have to do things that are tedious if we want to grow our greenbacks.
I think I can sense your pain — it’s the pain of the entrepreneur running a startup, and we’ve all felt it. Having to do things we don’t like, just for cash flow.
..”The Web puts an exponential twist on the whole word of mouth thing, because word of mouth is now happening virally.” This is so true these days. New ways to virally market a business online are constantly arising. It can be tedious to stay on top of this but the pay-offs can certainly be fruitful…
“”Follow your bliss.” (Blue Man) — My Take: In a way this is like the old saying, do what you love and money will follow. Of course the reason it is an OLD saying is that there is truth to it. When we are passionate about what we do our passion gets translated into creativity, into the amount of effort we devote to the business, and into many other factors big and small.”
Really I agree with this in 100%
Provide your customers with exceptional service, quality products and a smile. Follow this simple plan and you have just made a life long friend and client.
Anita,
I really like the one about “…competing against mediocrity…”. Too often, we benchmark ourselves against competitors.
But the ultimate judge is the client. Instead, I say benchmark yourself against clients’ expectations and exceed them.
Any other comparison can fall short, so I think you need to stay focused on your clients at all times – despite the numerous distractions in pretty much all small businesses.
“Do what you love and the money will follow” – What if you love the wrong thing?! Emotions could be misleading…. It’s more about being a businessperson first, bringing in the money and then being able to do what you love… So, it’s more the other way around 😉
Hi Ian, yes, the Blue Man quote was one of my favorites, too. We have to save ourselves from lapsing into mediocrity — it’s so easy. Remembering what the customer wants helps us from falling into that.
Hi Jon, It’s interesting to me how many readers, like you, disagreed with the idea of “do what you love and the money will follow.” How funny — I thought everyone would agree with that.
I concur with you that sometimes it can be easier to make money (especially in the short term) by following the money first. But, the thing that gives me hope about doing what you love is how many entrepreneurs have managed to take a hobby and turn it into a business. 🙂
Best,
Anita
It’s interesting when comparing last year to this year. I can add and subtract. What’s hard to guage is effectiveness.
However I do believe that hard work is proportinal to return on investment. It’s especially true with marketing. The harder I work, the luckier I get. And by the way, who was it that said, “Hard work never killed anyone.” because I’ll bet they are dead and if they’re not, I’d like be the one to kill them. What you really need to know is, that just as a negetive snowball gets bigger, so does a positive snowball gain speed and grow bigger. Go roll out that positive snowball and keep it moving.
Awesome article and Kirsten-I can see why you shop in the power tool section! I’m so glad I decided to follow my bliss because I’m working at what I love to do and could not be happier. Do I have a house that overlooks the ocean an indulge in vacations such as the men you mention above? No! However, I think going to work everyday with a peace of mind is much more “lucrative”!
Thanks for the quotes. I’m thinking of starting my own business and it’s just so fitting for me to think like a marketer.
Thank you for the inspiring and motivational business quotes. I am struggling with the set up stage of a small business, but nothing inspires me more than money so i will cross any river and any valleys to achieve it.
My, quiestion to you Miss Anita is,I’m soon to open a Property Preserva
-tion Bubiness…I was told that,I’ll need atleast $200,000 dollars in
insurance,as well as being bonded….what,would be the monthley cost for this type of insurance…as well,as being bonded?